Tax-Advantaged Ultra-Short Fixed Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Tax-Advantaged Ultra-Short Fixed Income Fund held 660 positions with $2.89B in net assets. Its ten largest holdings made up 11.1% of the fund. The NTAUX share class costs 0.26% a year. Over the 12 months to May 2026, NTAUX returned 3.0%, with dividends reinvested. In 2026 Q2 it added 107 new positions and exited 80.
The Fund seeks to maximize total return (capital appreciation and income), adjusted for the federal maximum tax rate, to the extent consistent with preservation of principal.
The fund invests primarily in investment-grade fixed-income securities with a dollar-weighted average maturity between six and eighteen months, selecting securities opportunistically based on after-tax yield advantage relative to alternatives, with at least 50% in tax-exempt municipal securities. The manager analyzes economic conditions and uses relative-value models to compare expected returns across treasury, agency, corporate, mortgage-backed, asset-backed, and municipal securities, emphasizing those offering favorable net after-tax returns for investors in the maximum federal tax bracket. Because security selection depends on the manager's assessment of after-tax yield opportunities and credit quality, fund returns will diverge from any benchmark. The fund may invest in U.S. Treasury futures to manage duration and interest rate risk.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
MINNESOTA MUNICIPAL G FRN 3.45% floating · due 2052-12-01 | 1.39% | $40.01M | — |
ALLEGHENY COUNTY HOSP FRN 3.37% floating · due 2047-11-15 | 1.38% | $39.77M | — |
MAIN STREET NATURAL G VAR 5.00% floating · due 2052-12-01 | 1.37% | $39.65M | — |
BLACK BELT ENERGY GAS VAR 5.25% floating · due 2053-02-01 | 1.27% | $36.71M | — |
RURAL WATER FINC. A 2.75% 2.75% · due 2028-05-01 | 1.10% | $31.83M | — |
CALIFORNIA INFRA. & E VAR 3.50% floating · due 2065-01-01 | 1.04% | $29.99M | — |
BLACK BELT ENERGY GAS FRN 3.97% floating · due 2052-10-01 | 1.00% | $28.92M | — |
OHIO STATE UNIVERSITY VAR 2.65% floating · due 2043-06-01 | 0.86% | $25.00M | — |
STATE OF ILLINOIS 5.25% 5.25% · due 2028-09-01 | 0.85% | $24.63M | — |
BANK OF NOVA SCOTIA/T F2F 4.04% · due 2028-09-15 | 0.84% | $24.36M | — |
The 200 largest of 660 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 100.76% |
| Securitized | 1.65% |
| Cash & short-term | 0.88% |
How it has done
NTAUX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.78%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Tax-Advantaged Ultra-Short Fixed Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.26%· NTAUX 0.26%
- Portfolio turnover
- 52.69% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
107 new· the largest 8
80 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 65.6% |
| Floating rate | 34.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 18.1% |
| 1-3y | 49.3% |
| 3-5y | 3.8% |
| 5-10y | 1.6% |
| 10y+ | 27.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 53% |
| Interest rates | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.41 yr |
| High yield | +0.05 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 4% |
| 1 yr | 0.93 yr | 71% |
| 5 yr | 0.33 yr | 25% |
| 3 mo | 0.19 yr | 13% |
| 1 yr | 0.94 yr | 64% |
| 5 yr | 0.33 yr | 23% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.18 | +0.01 | $52.9k | $1.5k |
| 1 yr | +0.93 | +0.90 | +0.04 | $259.4k | $11.4k |
| 5 yr | +0.33 | +0.33 | +0.00 | $94.4k | $1.4k |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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